What Is the Effective Annual Interest Rate on a 9

question 20

Multiple Choice

What is the effective annual interest rate on a 9 percent APR automobile loan that has monthly payments?

• A)9.00 percent
• B)9.38 percent
• C)9.81 percent
• D)10.94 percent Effective rate = (1 + (.09 + 12))¹²-1
• = (1.0075)¹²-1
• = 1)0938-1

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